The Mutual Fire Insurance Company of British Columbia is the only mutual insurance company headquartered in the province of British Columbia, Canada. It was founded in 1902 by local farmers and business owners who wanted fire insurance at a reasonable cost.
Mutual Fire Insurance joined ICMIF in 2021, and through its engagement in the past two years, helped the organisation on the topics of modern mutuality, sustainability, ESG, and leading with purpose. As a result, the company has formed two staff-directed committees: an ESG Committee and a Purpose Committee. The committees are 100% employee-driven and have no C-suite representation, but provided regular updates to ensure their direction is in line with management expectations.
The ESG Committee created a company-wide ESG policy and mandate, which were shared with the C-suite and will be presented to the board in April this year. The committee also identified many quick wins for the company to adopt that would not greatly change underwriting criteria or affect risk acceptance. The quick wins encompassed policyholders, community, internal procedures, and employee-focus, and included aspects such as: purchasing products and services from suppliers who share the company’s values and demonstrate responsible practices; developing company policies; overseeing waste practices; travel; and recycling.
Mutual Fire Insurance considers a variety of aspects as measurable ESG achievements, and sustainability was at the forefront of its decision process during strategic planning discussions in October 2022. As a result, the organisation’s strategy for 2023-2025 is to establish, implement, and report on ESG initiatives (in March 2024 the organisation published its inaugural ESG and Sustainability report).Â
Mutual Fire Insurance was part of the ICMIF and Swiss Re Institute’s Working Group to fine-tune the ICMIF-Calibrated Insurance SDG Calculator for mutual and cooperative insurance companies. Through this process, the company’s motivation and inspiration to become more sustainable grew. Mutual Fire Insurance is partnering with Swiss Re to determine its carbon footprint, and research is underway to create a template for meaningful reporting on sustainability within the company’s website and annual report.
The ESG journey is not one taken in isolation, and Mutual Fire Insurance is looking for brokers to challenge and partner with as the company grows the number of community endeavours undertaken.
Mutual Fire Insurance’s sustainability journey began with small steps, as it takes time, education, and awareness to make progress towards a more sustainable future.
This presentation was delivered during the ICMIF Sustainability Forum. Please contact Liam Carter, SVP Sustainability, to find out more about these virtual member-to-member discussions for sustainability/ESG leaders.
